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FG laments spending N6.1tr on imported goods: Business : Nigerialog.com - Nigeria's Premier Online Forum (54 views)

FG laments spending N6.1tr on imported goods

By dayan (M)May 19, 2017, 02:56:35 AM


The Federal Government yesterday lamented that over N6 trillion was spent on importation of goods and services, things it said could be locally produced.
According to Aisha Abubakar, Minister of state for Industry, Trade and Investment, at the launch of the Campaign for Patronage of Made-in-Nigeria Products in Abuja, yesterday, this has to stop, as the country is no longer a safe haven for such kinds of importation.

Giving a breakdown of the spending, she said: “In 2015 alone, over N6.7 trillion was spent on importation of goods and services for which the nation can produce locally. The sum of N1.09 trillion was reportedly spent on imported foods and drinks; N1.5 trillion on spare parts; N123.01 billion on shoes and clothes, and N399 billion on household items. “

Also speaking along the same vein, Okechukwu Enelemah, the Minister of Industry Trade and Investment, said the Federal Government had been working tirelessly to ensure Nigeria was not centre for importation of products that could be locally produced.
He said the Federal Government had been engaging the Organised Private Sector (OPS) accordingly, to ensure that their concerns were adequately addressed.


Source


Re: FG laments spending N6.1tr on imported goods

By dayan (M)May 19, 2017, 02:59:42 AM
This is part of why I find current policy of pumping scarce forex into defending the Naira, a very wasteful and misplaced economic policy.
For as long as Nigeria remains a hugely import dependent country, that policy would remain wasteful.
Scarce forex should be used to build infrastructure that support "ease of business" in Nigeria. Over time when such infrastructure reaches critical mass, exports will boom and Naira will appreciate naturally.
We have wasted billions already, and nothing to show for it.


Re: FG laments spending N6.1tr on imported goods

By alagbe003 (M)May 19, 2017, 07:15:59 AM
We need to tame our appetite for foreign goods so that we can save foreign exchange


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